JinkoSolar sales roar on in Q2

China's JinkoSolar has reported its fifth consecutive quarter of profitability and raised its project development expectations for the full year.

JinkoSolar's second-quarter revenues of 2.4bn yuan ($392m) represented a 37.8% increase year-on-year, which it said was primarily attributable to an increase in shipments.

Shipments of modules, wafers and cells reached 659.5MW in the April to June period, up 34.8% year-on-year. Of that, 571MW was modules.

JinkoSolar's net profit reached 138.2m yuan, compared to the 49m yuan reported in the second quarter of last year.

As of June 30 the company connected 252MW of solar projects to the grid and expects to connect another 100MW of solar projects during the third quarter of 2014, said Jinko.

Power revenues from solar projects also increased, reaching 61m yuan, up 26.1% from the first quarter of 2014 due to an increase in the number and capacity of the company's completed solar projects.

"We expanded our geographic reach, secured financial support from globally-respected financial institutions for our downstream business and solidified our position in important emerging markets such as South Africa and Latin America," said Kangping Chen, JinkoSolar's CEO.

"In addition to the 1bn yuan strategic financing agreement we signed with China Minsheng Bank, mainly for our distributed PV generation systems, we secured $225m in private equity financing for our downstream solar power subsidiary, from China Development Bank International, Macquarie Greater China Infrastructure Fund and New Horizon Capital," he added.  

This month alone, Jinko struck a deal with municipal authorities in Lishui City, Zhejiang Province, to develop 500MW of PV at a cost of 5bn yuan and opened a solar module factory with annual production capacity of 120MW in Cape Town, South Africa.

Jinko revised its full-year 2014 forecast for project development, from 400MW to above 600MW

For the third quarter of 2014, Jinko estimates total solar module shipments to be in the range of 800MW to 850MW, while for the full year estimates are between 2.9GW and 3.2GW​, which includes 2.3GW to 2.5GW module shipments to third parties, and 600MW to 650MW for its own downstream projects.